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Note 4 - Notes Payable - Related Parties
6 Months Ended
Jun. 30, 2014
Notes  
Note 4 - Notes Payable - Related Parties

NOTE 4 – NOTES PAYABLE – RELATED PARTIES

 

As of December 31, 2013 the Company owed $1,252,616 to related parties. During the six month period ended June 30, 2014, the Company received $16,125 in additional cash loans from a related party and made a payment of $641, leaving a balance of $1,268,100 as of June 30, 2014. Of this total, $595,800 is unsecured, bears interest at 6 percent per annum, and is due on demand; $200,000 is unsecured, bears a flat owed interest amount of $50,000, and is due on demand; and the remaining $422,300 is unsecured, bears no interest, and is due on demand.